All Forum Posts by: Olivia Grabka

@Jay Hurst

Then, I am incorrectly assigning the value to the vesting structure, all of the loans work because we use DSCR loans.

@David Lamb. Two options: (1) financing investment properties in the future in an LLC, that way you are not the borrower just the guarantor, (2) debt service coverage ratio loans are more expensive, but make the process of refinancing easier

@Lyle Cooper

This is not unusual. Apps like rentredi make it easy for tenants to pay separately.

@Samuel Guan

Allow them to terminate, make the repairs and move on; if you have someone that doesn't want to live in your apartment any longer let them go. No good comes from having someone in your property that does not want to be there.

@Sarah Santa Cruz

You are doing awesome!!! I would not pay down the mortgage, I would continue buying property.

1. Mortgage interest is tax deductible, paying down principle is not

2. Appreciation compounds

3. Depreciation is tax deductible

If you factor for deductions and account for inflation your upside on new assets is greater than the interest you will pay.

@Vasudev Kirs

All in the ad for the listing; Zillow makes publishing the listing easy too. Like I mentioned, Zillow's rental product is outstanding.

@Sendil Thangavelu

Message me; I have a template somewhere.

@Richard Ma

1. Comply with the order from the City, or you are likely to face fines

2. You cannot kick them out; cities have reasonable standards for issuing citations, so you have a problem

3. Sounds like you may need a new fridge - the city isn't issuing a citation because the tenants are dirty, they are issuing a citation because they suspect there is an underlying material cause beyond use

4. Get a pest control company out & make sure they are licensed, otherwise, the city won't back down

If you attempt to kick them out now, you are likely to look retaliatory, which is always a problem.

Tackle the issues and be more active on site for the balance of their tenancy; the more they see you, the fewer problems you are likely to have. Last, issue a written non renewal notice 60 - 90 days before the end of their term and provide a legitimate reason. Call them after you issue the notice and let them know that you appreciated their stay, but that for a variety of factors that are cited in the notice you need to move in a different direction.

None of this is personal for you, this is just about your asset; act accordingly.

@Victoria E.

1. Hire an attorney

2. New York has outstanding judgment collection laws that allow for levies on accounts and pay

Daniels, Norelli, Scully & Cecere are excellent

@Samuel Meyers

1. Your original lease is likely to have had a holdover provision that converts from a term to a month to month; did you check? Most off the shelf template leases have a hold over provision

2. Hire an Attorney & initiate an eviction, take yourself out of the equation, if your friend calls let him know it is out of your hands

3. The fines are real (we had a Client on the brokerage end that accumulated $20k in fines, all of which were attached to the property and came out of her net proceeds at time of sale), do not ignore them

I think the most important item is to hire an attorney to get moving on the eviction